Made 13 trades the month of February with 7 gains and 6 losses. I am pleased that my account is in the Black although gain is minimal. I made some trades that went as planned and made others on impulse.
Had 5 of my first 6 trades gain and got excited! I found it EASY to throw caution to the wind but also understand now that when I did it mostly was a loss. I would see a stock spiking and would enter trade way late. Sadly, I would think it but do it anyway! When I had my head clear and thought through a plan it was mostly successful.
So, even though my initial deposit is still in my account with a small gain I made some serious mistakes. My hope is that I learned from them and do it less through March. My win percentage is 53% but my personal goal is no less than 60%.
I will wait for at least 100 hundred trades to have confidence in my win/loss percentage. If after one hundred trades it is above 60 I can begin to trust I am speculating accurately more than not and if I cut losses quick can make money trading!
If you read this blog to now, thank you! I am loving daytrading and want to send a shout out to Tim Sykes and Tim Bohen! Your emails, articles, videos and motivation are greatly appreciated!
Thank you for answering, and for the advice! I thought the same.. may be with real money I'd more cautious.... I'll keep paper trading until I feel somehow good to go on real.. so far, only did 2 good trades on paper. thanks again
Thanks for the tip! I appreciate it. I can see real is quite different. Also, I'm trying IB paper trading, but I don't know if ETrade or Fidelity or any other offer a better free platform to test. I know IB asked for $25K in order to do day trading, or 10K but only 3 day trading are allowed in a week.
Most are the same as far as the Day trade goes, 25k is normal. Also remember if you drop below that on any trade it will also flag you.
thanks for head up. (y)
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